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Getting a lay of the land

Goldman Sachs calls for 6,300 on the S&P 500 by year-end as bitcoin struggles to move higher

Joe Consorti

Jun 18

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Good morning readers,

Bitcoin did not break above $80,000. The setup and the market structure were there, but the momentum to push bitcoin above its 3-month descending channel, past the low-$70,000 range, and up beyond new all-time highs never came to fruition.

Today, we’re going to take a look at bitcoin-native activity within ETFs, on-chain, and price action using candlesticks. Then we take a look at Goldman Sachs’ bold 6,300 end-of-year target for the S&P 500, and the conditions the market needs to get there.

Today’s topics

Bitcoin's price failed to break above $80,000 despite a favorable market structure and setup
AUM in the bitcoin ETFs has been flat for 3 months
Bitcoin's attempted breakout above $70,000 failed, and a potential short-term downtrend looms if we don’t bounce at a key level
The short-term holder realized price (STHRP) is a critical support level for bitcoin in bull markets
Goldman Sachs predicts the S&P 500 could reach 6,300 by year-end, citing "mega-cap exceptionalism"
Marginal economic slowdown is bullish for risk assets because of the Fed response function...

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